Singapore bank stocks, driven by asset management businesses and a resonance with US equities and bonds, have fallen due to declining interest rates. Strong bank AM returns ensure ample liquidity flowing into USD assets. Compared to banks, S-Reits lag behind in performance. Bank stocks have become a heavy weight suppressing both S-Reits and Hong Kong tech stocks.
It is the decline in bank stocks that paves the way for S-Reits' rise, while also witnessing the rally of HK tech stocks.